Africa’s wealthiest man, Aliko Dangote, has announced plans for his conglomerate to invest more than $10bn (£7.5bn) in the power sector to address Nigeria’s electricity deficit and accelerate industrial growth across the continent.
Speaking in an interview with Al Jazeera, the Nigerian industrialist disclosed that the Dangote Group is considering reallocating capital away from other ventures—including steel manufacturing—to focus heavily on electricity generation.
“In the next three to four years, there will be a major transformation in Africa, and that’s why we’re looking at power,” Dangote said. “There are one or two businesses that we might cancel, like steel, and we will put the money in power. We want to invest over $10bn alone in power.”
Highlighting that over 600 million people across Africa lack access to reliable electricity, Dangote called on African entrepreneurs to invest locally and urged governments to maintain stable economic policies to attract long-term capital.
Key points from the interview include:
- Energy & Growth: Dangote emphasized that electricity is fundamental to job creation and industrialisation, stating that African economies cannot rely permanently on imported finished goods.
- Refuting Monopoly Claims: Dismissing long-standing criticism regarding his dominant market share across key sectors, Dangote argued that his conglomerate simply capitalised on open market opportunities created by government policies.
- Local Processing: The industrialist advocated for stopping the export of unprocessed raw materials, urging African nations to build domestic manufacturing capabilities to retain economic value.
Dangote reiterated his commitment to continental development, stating that despite regulatory hurdles and policy inconsistencies, local industrialists must take the lead in driving economic transformation across Africa.
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